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CYTK

Cytokinetics

$7.25

-0.55 (-7.05%)

08:37
11/29/17
11/29
08:37
11/29/17
08:37

Technical View: Cytokinetics trades higher in pre-market

The stock was last up over 8.2% to $7.85 in pre-market trading. At that price next resistance is at $8.30. Support is at $7.64. A move above the $10 area would put the shares back on a bullish price path relative to the long-term uptrend. The short-term downtrend would be broken on a move above the $8 area.

CYTK Cytokinetics
$7.25

-0.55 (-7.05%)

11/22/17
MSCO
11/22/17
NO CHANGE
Target $17
MSCO
Overweight
Cytokinetics price target lowered to $17 from $25 at Morgan Stanley
After Cytokinetics' tirasemtiv did not meet the primary endpoint or any secondary endpoints in a Phase 3 ALS study, Morgan Stanley analyst Matthew Harrison removed the drug from his model and lowered his price target on the stock to $17 from $25. However, he reiterates an Overweight rating on Cytokinetics shares, stating that investors knew VITALITY-ALS was the riskier of the company's upcoming readouts and he continue to value the omecamtiv mecarbil program for heart failure.
11/22/17
11/22/17
DOWNGRADE
Target $10

Neutral
Cytokinetics downgraded after tirasemtiv discontinuation at Cantor Fitzgerald
As previously reported, Cantor Fitzgerald analyst Mara Goldstein downgraded Cytokinetics to Neutral from Overweight after the VITALITY-ALS trial failed and the company announced the discontinuation of the tirasemtiv program. While she sees opportunity for upside as clinical data emerge on omecamtiv and CK-2127107, she argues that the time to meaningful data and proximity to year-end makes a Neutral rating appropriate. Goldstein lowered her price target on Cytokinetics to $10 from $21.
11/22/17
NEED
11/22/17
DOWNGRADE
Target $12
NEED
Buy
Cytokinetics downgraded to Buy at Needham after failed tirasemtiv Phase 3
As reported earlier, Needham analyst Chad Messer downgraded Cytokinetics to Buy from Strong Buy and cut his price target to $12 from $22 after the company's Phase 3 study of tirasemtiv inamyotrophic lateral sclerosis failed to reach its efficacy endpoints. Messer says the culprit was the high dropout rates due to the tolerability issues of tirasemtiv. The analyst notes that the company will now turn its focus to developing CK-107, which has a superior tolerability profile. Messer adds that the Buy rating still reflects his expectations of potential value creation from CK-107 in FY18.
11/22/17
11/22/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Salesforce (CRM) downgraded to Neutral from Buy at Roth Capital with analyst Richard Baldry citing the 59% year-to-date rally in the shares. 2. Bloomin' Brands (BLMN) downgraded to Neutral from Buy at BofA/Merrill with analyst Gregory Francfort citing news of Jana Partners' 8.7% stake and subsequent share price spike. 3. Halozyme (HALO) assumed with an Equal Weight from Overweight at Barclays with analyst Gena Wang saying she believes the potential of Halozyme's Enhanze technology is largely reflected in the stock following the recent rally. 4. Mallinckrodt (MNK) downgraded to Perform from Outperform at Oppenheimer with analyst Derek Archila saying he's been "flat out wrong" on the shares. 5. Cytokinetics (CYTK) was downgraded to Neutral from Overweight at Cantor Fitzgerald and to Buy from Strong Buy at Needham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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